The Maldivian government is confident that Singaporean investors will expand their footprint in the country, particularly in areas vital to economic development, according to Minister of Tourism and Environment Thoriq Ibrahim.
Speaking to state media following the Maldives-Singapore Business Forum, held as part of President Dr Mohamed Muizzu’s official visit to Singapore, Minister Thoriq reaffirmed the government’s commitment to creating an investor-friendly climate. He highlighted tourism and renewable energy as two sectors ripe for increased collaboration.
The forum attracted over 200 investors and business leaders, providing a platform to showcase the Maldives’ diverse investment opportunities. One of the forum’s key sessions featured a panel discussion in which Minister Thoriq spotlighted the country’s latest initiatives in tourism.
According to the minister, the government has earmarked 31 tourism development projects across multiple atolls, including Haa Alif, Haa Dhaalu, Shaviyani, Thaa, Laamu, and Addu City. These projects are part of a broader plan to expand hospitality infrastructure and accommodate emerging global trends. Among them is halal tourism, a segment Minister Thoriq described as gaining momentum, with active steps being taken to strengthen its presence in the Maldives.
Singaporean investors already have a presence in the Maldivian tourism sector, and the government is aiming to deepen that involvement. “Based on the information received by Singaporean investors through this forum, additional investments will be channelled into the Maldives,” Minister Thoriq said. “I also believe that those currently invested in the Maldives will expand their existing commitments.”
A key outcome of the forum was the signing of a contract for the Maldives’ first Special Economic Zone (SEZ) project, a 100 megawatt floating solar photovoltaic (PV) installation dubbed ‘Solar City’. The project has been awarded to APM SPV Pvt. Ltd., a special purpose vehicle incorporated in the Maldives to lead the initiative.
The Solar City project, located east of Kuda Bandos in the greater Malé region, is a flagship renewable energy development designated under the SEZ framework. Groundwork is expected to commence shortly, with completion targeted within two years. Minister Thoriq noted that the initiative enjoys the direct support of President Muizzu, who authorised administrative measures to expedite its implementation.
